|Over a week ago|
51 attorneys general file antitrust lawsuit against generic drug makers » 10:5906/1006/10/20
TARO, TEVA, MYL, PRGO, NVS
New York Attorney General…
New York Attorney General Letitia James, as part of a coalition of 51 attorneys general from around the nation, today filed an antitrust complaint in federal court alleging that individual executives and manufacturers of dermatological, generic drugs engaged in a "widespread conspiracy to artificially inflate and manipulate prices, reduce competition, and unreasonably restrain trade for generic drugs sold across the United States." The complaint alleges "broad, coordinated, and systematic antitrust violations, price-fixing, market allocating, and the rigging of bids for more than 80 different topical, generic drugs." The complaint names as defendants 26 generic, dermatological drug manufacturers and 10 individual executives at these companies. From at least 2007 through 2014, three manufacturers - Taro (TARO), Perrigo (PRGO), and Sandoz (NVS) - sold approximately two-thirds of all the generic topical products dispensed in the United States, James says in a statement. "In an effort to manipulate the market and consume a larger share of the market than would otherwise be allowed, these companies repeatedly communicated directly and specifically to minimize competition, including by substantially raising prices on dozens of topical products," she adds. Other generic manufacturers - Actavis, Mylan (MYL), Teva (TEVA), G&W, and Glenmark - did the same, according to the suit. "This massive antitrust conspiracy adversely impacted virtually every federal, state, and commercial payor, and every person in the United States who used or paid for a generic topical drug from 2009 through 2016," James contends. Reference Link
|Over a quarter ago|
Taro Pharmaceutical names Daphne Huang as CFO » 12:2904/0604/06/20
Taro Pharmaceutical Industries announced the appointment of Daphne Huang as Vice President, CFO and Chief Accounting Officer, effective today. Huang most recently serving as Chief Financial Officer at Humanwell Healthcare USA & Puracap International.
Taro Pharmaceutical issues voluntary recall of Phenytoin Oral Suspension » 17:5502/2002/20/20
Taro Pharmaceuticals is…
Taro Pharmaceuticals is voluntarily recalling two lots of Phenytoin Oral Suspension USP, 125 mg/5 mL both in 237 mL bottles, to the consumer level. Phenytoin Oral Suspension USP, 125 mg/5 mL is indicated for the treatment of tonic-clonic (grand mal) and psychomotor (temporal lobe) seizures and is packaged in amber plastic bottles with an inner seal and a white child proof closure, and each bottle contains 237 mL. The reason for the recall is that product from these two lots of Phenytoin Oral Suspension may not re-suspend when shaken, as instructed for administration, which could result in under or overdosing. This recall is being conducted with the knowledge of the FDA.
Taro Pharmaceutical price target lowered to $94 from $110 at H.C. Wainwright » 07:2202/0402/04/20
H.C. Wainwright analyst…
H.C. Wainwright analyst Raghuram Selvaraju lowered his price target for Taro Pharmaceutical to $94 from $110 while reiterating a Buy rating on the shares. Pricing pressures remain a headwind, says the analyst after Taro reported weaker than expected Q3 earnings.
Taro Pharmaceutical issues voluntary recall of Lamotrigine » 15:0101/1001/10/20
Taro Pharmaceuticals is…
Taro Pharmaceuticals is voluntarily recalling one lot of Lamotrigine 100 mg Tablets, Lot # 331771 in 100 count bottles, NDC 51672-4131-1 to the consumer level. This single lot was found to have been cross-contaminated with a small amount of another drug substance, Enalapril Maleate, used to manufacture another product at the same facility. Taro has not received any product complaints or adverse events related to contamination of this product with Enalapril, or any complaints or adverse events that are associated specifically with this recall. Taro will continue to actively monitor for any and all adverse event reports that may be received, in compliance with FDA regulatory requirements.
Taro Pharmaceutical CFO Mariano Balaguer to resign » 08:4612/0612/06/19
Taro Pharmaceutical announced that it has accepted the resignation of its CFO, Mariano Balaguer, effective January 3, 2020. Balaguer is leaving to accept the position of CFO at another company. The company has initiated a search for a successor as CFO.
Taro Pharmaceutical board approves $300M stock buyback » 17:0411/0411/04/19
Taro board approved a…
Taro board approved a $300 million share repurchase of ordinary shares. The timing, amount and value of any shares repurchased will be determined based on the company's ongoing assessments of the capital needs of the business, the market price of its stock, general market conditions and other factors. Shares will be repurchased using the company's existing sources of liquidity and free cash flow generated in the future.
Taro Pharmaceutical reports Q2 EPS $1.46, one estimate $1.72 » 17:0311/0411/04/19
Reports Q2 revenue…
Reports Q2 revenue $160.9M, one estimate $168.56M. CEO Uday Baldota stated, "As stated in the past, the challenging generic landscape continues, the impact of which is reflected in our financial performance. Our continued R&D investment is vital to our long-term growth strategy and in conjunction with the announced share repurchase program, demonstrates our commitment to creating shareholder value. Our strong balance sheet and cash flow enables us to pursue future business development opportunities."
Aclaris files patent infringement suit against Taro Pharmaceuticals » 17:0310/0810/08/19
TARO, AGN, ACRS
Aclaris Therapeutics (ACRS) announced that the company, together with Allergan (AGN), has filed a patent infringement lawsuit in the United States District Court for the District of Delaware against Taro Pharmaceuticals (TARO), related to an Abbreviated New Drug Application that Taro filed with the U.S. Food and Drug Administration to market a generic version of RHOFADE cream, 1%. The lawsuit claims infringement of U.S. Patent Nos. 7,812,049, 8,420,688, 8,815,929, 9,974,773 and 10,335,391, which are listed in the FDA's Approved Drug Products with Therapeutic Equivalence Evaluations, commonly known as the Orange Book, for RHOFADE. Aclaris Therapeutics received a Paragraph IV Notice Letter from Taro dated August 28, 2019, advising that Taro had submitted an ANDA to the FDA seeking approval from the FDA to manufacture and market a generic version of RHOFADE prior to the expiration of the Orange Book-listed patents. Aclaris intends to vigorously enforce its intellectual property rights relating to RHOFADE, it said.
Taro Pharmaceutical price target lowered to $105 from $115 at H.C. Wainwright » 07:2308/1208/12/19
H.C. Wainwright analyst…
H.C. Wainwright analyst Raghuram Selvaraju lowered his price target for Taro Pharmaceutical to $105 from $115 saying the company is still facing "challenges to growth." However, its generic product pipeline continues to advance, says the analyst, who reiterates a Buy rating on the shares.